Major coins were trading lower on Tuesday night as the cryptocurrency’s market cap fell 2.21% over the past 24 hours to $1.10 trillion.
| cryptocurrency | Profits (+/-) | Price |
|---|---|---|
| Bitcoin | -2.07% | $24,326 |
| ether | -2.82% | $1,654 |
| Dogecoins | -2.93% | $0.085 |
What happened: The largest cryptocurrency by market value, Bitcoin (CRYPTO: BTC) traded below $25,000. ether (CRYPTO:ETH) changed hands at $1,654, down 2.82%. Dogecoins (CRYPTO:DOGE) traded at $0.085, down 2.93% in the last 24 hours.
US stocks fell on Tuesday as higher interest rates and weak retail earnings weighed on market sentiment. The S&P 500 fell 2.00%, marking its worst day since December 15, and all sectors closed lower. The tech-heavy Nasdaq Composite fell 2.50%.
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coin base (NASDAQ:COIN) highlighted its regulatory compliance and leadership position in the U.S. digital asset industry as a beneficial strength in its 2022 fourth quarter earnings report.
“While the SEC scrambles to expand its jurisdiction, other agencies appear to prefer to push crypto out of the regulatory arena,” Coinbase said, citing recent US banking regulators warnings to financial institutions about holding crypto on public blockchains.
Polygon Labs, the operator of the Polygon protocol to speed up and reduce costs associated with Ethereum transactions, has reduced its workforce by 20%, losing around 100 employees.
Analyst Notes: “Bitcoin traders appear to be ignoring a laundry list of bearish macro drivers including; a return of the stronger dollar as the bond market rally returns, downward pressure on stocks as investors price in more Fed rate hikes, and worries that stablecoin regulation could put further pressure on cryptos. It appears that Bitcoin’s correlation with most risky assets is changing. The crypto winter, with prices plummeting from $68,911 to $15,485, seems to have discounted enough of the bad news,” he said Edward MoyaSenior Analyst at OANA, in a note from Benzinga.
“Bitcoin is still respecting the key $25,500 level, but a break could open the door for momentum traders to aim for a larger move higher. Initial resistance would come from $28,000, but most traders may have their eye on the psychological $30,000 level.”
Crypto Analyst Michael van de Poppe has offered some advice for those considering investing in Bitcoin. He said when Bitcoin was at $25,000 people wanted to buy in at $22,000, but when it dropped to $22,000 they wanted to buy in at $19,000. Eventually they buy at $30,000 and emotions get the best of them. “Avoid emotions, exchange prizes. Just a dollar cost average,” he tweeted.
If #Bitcoin $25,000, people want to buy at $22,000.
If #Bitcoin $22,000, people want to buy at $19,000.
If #Bitcoin is $19,000, people want to buy at $12,000.
You end up buying at $30,000.
Avoid emotions, trade prices.
Just dollar cost average.
— Michaël van de Poppe (@CryptoMichNL) February 21, 2023
Pseudonymous Analyst said Caleo Bitcoin is on the verge of an explosive breakout and expects it to break through its diagonal resistance and rally as high as $30,000 in the coming days. After this surge, Kaleo expects a brief retracement that would allow resistance to become a form of support. “$30,000 is a magnet, but so is $40,000.”
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